(Boursier.com) — Eiffage concluded, on October 26, an agreement for the acquisition from TCI Fund Management Limited of a block of 13.71% of the capital of getlink SE (Getlink) representing 75,383,972 shares.
At the end of the delivery settlement, which must take place within two working days of the conclusion of the agreement, the block will be added to the 5.08% acquired in 2018. Eiffage will hold 18.79% of the capital of Getlink and will become its first shareholder.
Getlink is the concession company for the Channel Tunnel until 2086, a major infrastructure for mobility, trade and electricity transmission in Europe.
This operation is part of Eiffage’s strategy to diversify its portfolio of concessions in its target territories. Already backed by numerous transport infrastructure concessions or partnership contracts, Eiffage is extending the duration of its portfolio through this acquisition, while strengthening its stake in a key player in the decarbonisation of transport in Europe.
Eiffage supports Getlink’s current strategy and will seek the appointment of a number of directors consistent with its capital holding.
Shareholder since 2018, Eiffage intends to be a long-term investor in Getlink and reserves the right to continue its purchases depending on market conditions.. However, Eiffage indicates that it does not plan to file a public offer on the balance of the capital.
This significant investment of €1.194 billionat 15.84 euros per share, was financed by Eiffage from its available cash and is not subject to any conditions.
The Group could in the future back financing for its stake in Getlink.
If Eiffage were to resell this block within 18 days of its acquisition, part of the capital gain on the sale would be returned to the seller.
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